Bank of Melbourne Standard Variable Rate Home Loan
A simple home loan with a range of features.
The Bank of Melbourne Standard Variable Rate Home Loan offers the ability to customise your loan to suit you and your financial goals.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).
This loan is suitable for investors and home buyers who want a flexible, full-featured variable rate loan.
About this loan
What are the features and benefits of the Bank of Melbourne Standard Variable Rate Home Loan?
- Loan term. The standard variable rate loan can be taken out for a loan term of up to 30 years and can be used for a variety of purposes.
- Repayment flexibility. Customers can choose between setting their repayments to cover Principal and Interest payments, or opt for an interest-only payment. Repayments can be made weekly, fortnightly or monthly, though interest-only payments must be made monthly. Variable rate customers can make additional repayments at any time without penalty.
- Lump sum repayments. If you receive an extra amount of cash, such as a tax return or bonus, you can deposit this amount directly into your mortgage. The amount will be paid directly off the principal balance owing.
- Redraw facility. Any extra repayments made off the home loan can be redrawn if an emergency arises. The Redraw Request form can be filled in from the secure Online Banking site. Fees are listed below.
- 100% offset account. Customers that have a standard variable rate home loan with the Bank of Melbourne can take advantage of the Mortgage Equaliser account. This gives them a 100% offset facility that reduces the amount of interest paid by offsetting interest calculated on the loan by the amount in the account.
- Variable rate discounts. The Bank of Melbourne offers an Advantage Package, which allows customers to package their home loan with other banking products, offering savings on fees and discounted interest rates.
How to apply
To find out more about this loan, or to apply, click the 'Go to site' button below. This will take you to the Bank of Melbourne website where you can arrange a callback or start an application. To arrange a callback, you'll need to enter your contact details.